Posts Tagged ‘Form I-924’
EB-5 Regional Center Processing Update
The USCIS recently held a stakeholder meeting pertaining to the EB-5 regional center program. The EB-5 category allows for individuals to invest in the U.S., either actively by operating an investment enterprise, or passively as part of a group of individuals investing in an EB-5 regional center. Please see our other EB-5 blog posts for detailed information about the requirements. In light of its recent stakeholder meeting, the USCIS had the following updates to provide:
1. There are currently 114 approved regional centers
2. There are 83 regional center proposals pending
3. In FY2010, the USCIS received 1727 investor petitions, 90% of which were for regional center investments
4. The current published processing time for regional center proposals is 5 months
5. The California Service Center, the location where EB-5 regional center proposals are reviewed, will soon substantially increase its EB-5 staffing
6. The new Form I-924, Application for Regional Center, and fee of $6230 will go into effect November 23, 2010 (currently there is no form or fee)
7. There will be a Form I-924 Supplement A that can be used for the yearly reporting requirements for regional centers
8. There is no premium processing for EB-5 regional centers at the present time
Please contact our San Francisco Immigration Law Office if you need assistance with an EB-5 regional center.
Tags: EB-5, Form I-924, Immigrant Investor Program, Regional Center, USCIS
Posted in Alerts, Immigrant Visas, USCIS | Read More »
USCIS Proposes Form for EB-5 Regional Center Applications
There is a new proposed form for submitting EB-5 regional center (RC) proposals. A regional center is defined as an economic unit, public or private, involved in the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment. Regional centers aggregate investments from foreign nationals seeking a green card in exchange for investing in the U.S. economy.
Currently, there is no specific form used for RC applications. The USCIS has proposed the new form, Form I-924, Application for Regional Center Under the Immigrant Investor Pilot Program, in hopes to clarify the filing requirements for RC designation and alleviate inconsistencies in RC applications. The new proposals will be sent to the California Service Center in Laguna Niguel, California.
The proposed filing fee for the Form I-924 is $6245 and a supplement (Supplement A) will be required to be submitted each year. This supplement provides the USCIS updates about the RC and addresses reporting requirements. RC re-designation will be required every five (5) years. Please note that any amendments that need to be made (for example, if there are changes to the investments being made) will also be submitted via Form I-924.
Please let us know if you have any questions about this new form. We will be posting again when there are updates to provide.
Tags: EB-5, Form I-924, investor, Regional Center, Supplement A
Posted in Immigrant Visas, USCIS | Read More »
